You’ll be surprised by what will happen if Solana price holds above $46
- SOL price is coiling in triangular fashion.
- Solana price bearish volume is tapering
- Invalidation of the bullish thesis is a breach at $46.22.
Solana price is prepping for a very promising opportunity within the crypto market. Traders should keep the SOL price on their urgent watch list throughout the week.
Solana price is ready to rise
Solana price is displaying favorable bullish price action amongst intraday traders. So far, the bears have not been able to suppress the price any further than the initial sell-off that occurred on May 12th at $36.79. The lack of bearish follow-up post-sell-off can be a subtle cue that the current downtrend is due for a stronger retracement.
Solana price currently trades at $40, a whopping 140% lower than the April highs at $140. With that being said, a retracement back into $68 does not seem as far-fetched as the bearish crypto advocates seem to proclaim. The triangle formation surrounding the SOL price provides further confluence that higher targets will be reached at $63 and possibly $68 before the bears decide to flex their power again.
SOL//USDT 4-Hour Chart
The invalidation for the uptrend scenario will be a breach of the triangle’s wave A at $46.22. If the bears can establish price action in this zone, then the downtrend could continue with bearish targets at $34 and $30, resulting in a 30% decrease from the current Solana price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
